In Arizona, a 'first-time homebuyer' program through the Arizona Industrial Development Authority (Arizona IDA) or Arizona Housing Finance Authority (AHFA) may offer:
Why Below-market interest rates, down payment assistance, or closing cost assistance to qualified first-time buyers Is Correct
Answer B: Below-market interest rates, down payment assistance, or closing cost assistance to qualified first-time buyers
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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